Construction projects have a lot of moving pieces and incorporate numerous stakeholders, such as owners, contractors, subcontractors, vendors, and designers. One major challenge in managing construction projects is ensuring that all stakeholders are on the same page regarding disbursements—which are the payments made to contractors, suppliers, and vendors for work performed or supplies provided.

Disbursements are a critical aspect of construction projects, and any delays or errors can cause significant problems, such as cost overruns, schedule delays, and legal disputes. However, construction software can help keep stakeholders on the same page regarding disbursements and ensure that payments are made accurately and on time.

Our Fund Control software is revolutionizing the way you manage construction disbursements. Call the experts at 800-625-5972 or you can request to try a free demo to experience how our construction software can streamline operations.

Continue reading to learn more about how fund control software can help keep all stakeholders on the same page.

Innovative, Instantaneous, & Intuitive

The use of construction software can streamline the entire disbursement process, from requesting funds to issuing payments. For instance, construction software allows stakeholders to submit electronic invoices or payment requests directly from the job site or office. This eliminates the need for paper-based processing, which can be time-consuming, error-prone, and costly. Electronic invoicing and payment requests can also be tracked and monitored in real time, which helps to prevent delays and disputes.

In addition, construction software can provide visibility into the project’s financial status and help stakeholders to monitor the budget and actual costs. The software can automatically generate reports and dashboards that show the project’s financial health, such as the amount of funds remaining, the percentage of the budget spent, and the forecasted costs. All stakeholders can access these reports, including owners, contractors, and project managers, which helps ensure everyone is on the same page regarding disbursements and financial status.

Transparency & Accountability

Construction software can provide transparency and accountability by maintaining a complete audit trail of all financial transactions related to the project. This audit trail can be accessed anytime and from anywhere, providing a clear and transparent record of all disbursements and payments. This can help prevent disputes and legal issues and promote trust and collaboration among stakeholders.

The Total Package

Our specialty is to bring Banks, Mortgage Companies, Private Lenders, and Disbursement Control Companies into the modern age of streamlined technology. The Fund Control services package offers 9 key ways to turn the inner workings of your company into organized success:

• Contacts – Keep your leads, borrowers, and contractors organized in one place. You can also, maintain contractor and broker licensing requirements while managing your borrower relations.
• Communications– Generation and tracking of all your letters, memos, notes, and letter of transmittals. Further, utilize predefined text elements and documents to standardize correspondence.
• Borrowers – Keep a record of all financial transactions regarding the borrower. Utilize tracking of Vouchers and/or draw requests, verifying that all requests comply with institution policies; creation of disbursement checks and/or transfer forms; and recording borrower pay-downs to manage revolving lines of credit.
• Loans– Know all things about a loan, from locations to dates to the players involved and their financial position.
• Budgets– Create and Maintain all original budgets and any budget changes. Create budgets from templates, spreadsheets, or by manual entry.
• Project management –Dashboards that show risk assessments, cash flows, and percentages of types of loans. Easy, accessible predefined reports for routine processes.
• Inspections – Provides the tools and functions to request inspections as well as record them, including pictures and other documents.
• Regulatory Requirements – Our customizable fund control software makes it easy to set up and administer specialty loans, documenting compliance with relevant FHA standards each step of the way.
• Concentration & Stress Testing– With the built-in Stress Testing, build unlimited portfolio stress scenarios. Create your sources of stress; configure the formulas that you would like to use; select the loans that are to be stressed; and then run the test and see the effect on your portfolio over time.

Reach Out Today

Software specifically designed for construction can be a powerful tool for keeping stakeholders on the same page regarding disbursements by promoting transparency, efficiency, and accountability. By adopting construction software, stakeholders can streamline the disbursement process, monitor the project’s financial health, manage change orders, and maintain a complete audit trail of all financial transactions.

With this level of visibility and control, construction projects can be completed more efficiently, effectively, and collaboratively. Call the experts today at 800-625-5972 or reach out to us on our Contact Page and we’ll get back to you as soon as possible.